Illinois electricity customers to get big reductions

The bulk of Ameren Illinois' residential electric customers will see at least a 40 percent reduction in the increase for this year's electric bills under the $1 billion deal reached by utility companies and state officials.

At a Springfield news conference today, Ameren officials outlined how the deal would affect its residential and small-business customers. The impact varies depending on how much electricity a customer uses. But 80 percent of the company's residential customers are to experience a cut of 40 percent or more from the expected increase in 2007. All residential customers will get a rebate of at least $100 this year.

The agreement, which also affects customers of Chicago-based Commonwealth Edison, still needs legislative approval.

At a separate news conference, ComEd officials said their customers would see about a 45 percent reduction in the rate increase for this year. ComEd customers will receive a credit averaging $7 a month on power bills, company officials said.

Most of the $1 billion -- about $800 million -- was funded by Exelon and ComEd. Ameren Illinois chipped in $60 million, and Ameren's generating arm pumped in $90 million, Ameren officials said. The remainder came from smaller generating companies.